by Ben Klayman
Volkswagen AG is more than doubling a three-year-old recall of its Chrysler-built Routan minivans that have ignition switches that can be knocked into the accessory position and shut off the engine, according to documents filed with U.S. safety regulators.
Volkswagen said group production chief Michael Macht is quitting immediately, the second top executive to leave the automaker within a week.
Volkswagen’s only acquisition deal on the horizon is a possible increase of its stake in its highly profitable Chinese joint venture with First Automobile Works Corp., VW finance chief Hans Dieter Poetsch said.
Volkswagen said operating profit declined 3.1 percent in the second quarter as emerging-market volatility and a plunge in earnings at its core passenger-car division weighed on earnings.
Operating profit fell to €3.33 billion ($4.46 billion), from €3.44 billion a year ago, VW said in a statement today.
Volkswagen is closing in on Toyota as the global leader in vehicle sales, with a rapid expansion drive in China – the world’s biggest auto market – while Toyota curbs growth to focus on shoring up quality.
